CORMORANT ISLAND (BC) - A new style of small-town banking has beaten its first-anniversary performance targets, and is showing potential as a service model that may benefit other non-urban communities.

The project is a partnership between the 'Namgis First Nation and the Village of Alert Bay, working with Vancity credit union, and it's setting several firsts.

It's the first such three-way partnership in Canada; it's the first Vancity branch outside an urban area; and it's a first-time mix of a storefront branch, ATM, videoconferencing and travelling specialists to deliver full-service banking.

Work started two years ago, when the previous credit union on Cormorant Island pulled out, saying the branch wasn't viable. This triggered immediate joint action by the 'Namgis and Alert Bay councils to find a replacement.

"A community can't survive and grow with just online banking," says 'Namgis Councillor Kelly Speck, who is on the joint banking committee. "Our residents, businesses and governments need to cash cheques, negotiate loans, and deposit cash. There's time, cost and risk involved in leaving the community to do this."

The joint banking committee surveyed residents, gathered data and used the information to develop a business case. It invited proposals from several institutions and chose Vancity's submission. The final agreement required a commitment from all three partners to support the development of a new service model that's both viable and tailored to community needs

"We're using a co-operative approach and figuring out how to meet the community’s banking needs in some new, sustainable ways,” says Stewart Anderson, the manager of indigenous partnerships at Vancity. “We don't have to do things the way they've always been done."

In addition to basic branch banking three days a week, the new service offers workshops and advice to young people and entrepreneurs to increase financial literacy and develop business skills.

"Vancity is doing more than just replacing what we had," says Alert Bay mayor Mike Berry. "The support for members and businesses is strengthening our community, advancing our economic development goals, and growing our banking base. It's a solid foundation for sustainability."

The collaboration will continue to measure progress toward second-year sustainability targets, and test the model for usefulness in supporting a network of healthy communities far from urban centres.

Cormorant Island, or 'Yalis in the Kwak'wala language, lies off the northeast end of Vancouver Island. It was a centre of settlement and commerce for thousands of years, as a seasonal village for many Kwakwaka'wakw people, including 'Namgis. Then colonial settlers arrived. By the 1870s, 'Namgis and settlers established the permanent community of Alert Bay. For 100 years Cormorant Island was the centre of business, government and culture for a large area of the coast. By 2000, the building of the Island Highway and federal fishing licence buybacks had radically changed this previously affluent island. Since then, the two governments have worked together to meet the goals of the Alert Bay Accord to revive the island economy and support the richness of its way of life. Today Cormorant Island is home to roughly 1000 people, about 550 on 'Namgis reserves, and 450 in the Village of Alert Bay. The whole island is roughly 420 hectares large.About 250 hectares is under 'Namgis First Nation jurisdiction and 170 hectares under the Village of Alert Bay. It is the home to the world-renown Umista Cultural Centre and hosts almost 10,000 visitors a year from all over the world.http://namgis.bc.ca/http://www.alertbay.ca/

ABOUT TIDES OF CHANGE

Tides of Change is a partnership between the 'Namgis First Nation and the Village of Alert Bay to increase economic activity and well-being on Cormorant Island. The partnerhsip produced an economic development plan that was adopted by both governments in 2015. In its first year of implementation, the Tides of Change plan has had achievements in several areas:• New banking services on the island• New entrepreneurs support program• Improved business tax regime• Green energy initiatives• Summer markets• Historic signage• Tourism website launched and open for feedbackhttps://www.facebook.com/cormorantislandtidesofchange/http://cormorantislandtourism.com/https://www.vancity.com/AboutVancity/Ne ... May20_2015